Creating Your Retirement Strategy
By Copper Financial | Retirement Education
November 1, 2024
Across the world, people are saving for that “someday” called retirement. Someday, their careers will end. Someday, they will live off their savings or investments, plus other income. They know this, but many of them do not know when, or how, it will happen. What is missing is a strategy – and a good strategy can make a significant difference.
A retirement strategy directly addresses the “when, why, how” and even “where” of retiring. It breaks the whole process of getting ready for retirement into actionable, easily digestible steps.
This is very important. It is possible to retire confidently, even if you are uncertain of what your tomorrow looks like right now. Year after year, according to a 2022 study by the Employee Benefit Research Institute, about 47% of workers find themselves retiring earlier than they had expected. You can do this by saving, investing, and acting on your vision of retirement now to chart a path toward your goals and the future you want to create for yourself1.
Focus On What You Can Control
Since it’s impossible to predict the future, some people dismiss having a long-range retirement strategy. Indeed, there are things about the future you cannot control, like how the stock market will perform or the conditions of the economy. That said, you are able to control many other things: the way you save and invest, your spending and borrowing habits, the length and arc of your career, and your health. Most importantly, you also have a chance to be proactive and to prepare for the future. The best time is now.
A Good Retirement Strategy Has Many Elements
It is important for your retirement strategy to include set financial objectives. It should address your retirement income: how much you may need, the sequence of account withdrawals, and the age at which you claim other supplemental benefits. It should establish (or refine) an investment approach. It should examine financial implications and possible health care costs, as well as leaving a legacy and consider the transfer of assets to heirs.
A Prudent Retirement Strategy Also Entertains Different Consequences
To craft a robust retirement strategy, it is essential to consider your overall financial situation. Seeking guidance from a financial professional can help provide important insights that you may not have considered. Professionals often use multiple-probability simulations to try and assess the degree of financial risk to a retirement strategy, in case of an unexpected outcome. These simulations can help to inform the financial professional and the retiree or pre-retiree about the “what ifs” that may affect a strategy. They also consider sequence of returns risk, which refers to the uncertainty of the order of returns an investor may receive over an extended period of time.2
Let a Retirement Strategy Guide You
At Copper Financial, we’re dedicated to collaboration and personalization. It’s the core of our investment philosophy. Our Wealth Advisors are here to assist you with your retirement strategy, personalized for your goals and dreams. Once you have a good strategy, it’s easier to take steps in pursuit of the future you want and deserve. It’s all about you and your financial well-being.
1 EBRI, https://www.ebri.org/docs/default-source/rcs/2022-rcs/rcs_22-fs-2.pdf , 2022
2 https://www.investopedia.com/terms/s/sequence-risk.asp, February 4, 2024
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Securities and advisory services offered through Copper Financial Network, LLC (“Copper Financial”), a broker-dealer and SEC registered investment adviser. Member FINRA/SIPC. United Nations Federal Credit Union (“UNFCU”) has contracted with Copper Financial to make non-deposit investment products and services available to its members. Representatives are registered with Copper Financial. UNFCU is not a broker-dealer or investment adviser and is not affiliated with Copper Financial. UNFCU Advisors, LLC (“UNFCUA”) is also not affiliated with Copper Financial. All Copper Financial written communications, forms, and literature are required to be in English.
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